The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-10-02

othor women that induced her TO
begin PROCEEDINGS for a divorce.
Fair behaved remarkably we'll in
this suit. He made no defense, sup
pressed all publicity in tie matter,
and readily agreed to the court de-
cision to turn over TO his wife
- ,6eO, 900 OF the common property.
Daring Mrs. Fairs suit she borrowed
money of Mrs. Mackay, and this led
Fair TO contract deadly hatred OF
his former partner. The recent
reconciliation is therefore regarded
by good observers as emily on the sur
face, and some even contend that
Fair has taken charge OF the bank
merely to ruin Mackay on this coast
while Jay Gould wipes him up on
the Atlantic seaboard.
Old JIMhIEs BId LUCK.
Whatever may have been his mo.
tives, | have il on good authority
that Pair put 81 800, 600 in cash into
the Nevada Bank. This large sum
he raised by selling government
bonds. and by the FIRST payment on
tho Seuth Pacific Coast Railroad,
which he recently sold to the South
err Pacific Company for GO 900, 900.
This sum, it is said, will tide tho
bank over its troubles and prevent
the collapse that would otherwise
have occurred. Though Mackay and
Flood each have property worth
at least Sl5, 900 900, yet they could
not raise $500. 900 in ready coin
when Fair came TO their aid. They
have offered for sale their valuable
property on Market street, but the
price is 40 high that no one will
touch u. Flood has at least 81, 0OO,-
600 invested 10 his country place at
: Menlo Park and in the magnificent
brown stone palace on Mob hill. OF
course this is as completely beyond
all chance Of sale as though it we're
sunk in the ocean.
DABBLINd IN WHEAT.
Tho wheat deal which collapsed
last month. and in which the Nevada
Bank has always been regarded as
the chief manipulation, was the third
in which the bank had been engaged.
Floods right hand man in the bank
is young Scotchman named Bran.
der. When he came out here, years
ago, from the old country he was
very hard up. and for a time he
worked as private secretary for
Editor Charles de Young. Brandor
claimed at that time 20 be good
fnanoier, az he had years OF training
in the best bank in Glasgow. Flood
heard Of him and gave him a place as
clerk in the Nevada Bank. When
MoLanc retired Brander was made
vice president, and upon him Flood
leaned for assistance in all intricate
banking transactions. Brander was
very unpopular among the mining
stock brokers and other patrons oil
the bank, because he always advised
Flood 10 loan money on stocks, and
was very arbitrary In his manner.
IL seems Brandcr's most intimate
friend was John Rosenfeld, a man
who had made q fortune in the ship
ping business. Resented infected
Brander with tho idea that there was
in wheat speculation. Flood
caught the fever also. For several
years the bank had done a profitable
business In loaning money on whea,
which was deposited in their own
warehouses at Port Costa, the great
grain headquarters on this coast.
TRYING TO CORNER WHEAT.
But IL was not ill three years sro
that they started in on any specula.
ton Of their own. The first year
they were bears, the crop was large
and they dropped $4,000. last
year they bulled wheat and grain
bags aud came out ~, COG, 600 behind.
This year Dresbach aud Resented.
the bankstwo wheat brokers, deter.
mined to rake q great campaign
which should net them many mill.
ions asd retrieve all their losses.
They began 10 Chicago buying all the
wheat in sight. Their theory was
that California you'd have 40 short
n crop that We should have 10 i'm mort
wheat for homo consumption. They
started in ON the same tactics here.
They bought all wheat that could he
secured. Their plan was 20 corner
the wheat OF this country aud force
il up TO a high price before the new
crop came In. To do this would have
been comparatively easy had the crop
tailed elsewhere. "a they had au,ici.
patcd. 90 had war broken out in En.
rope. Neither event occurred. Cali.
iornia, instead Of having only 100, 900
tons, produced at least ,O0O, 600 tons
for export ard home consumption.
War in Europe IL AZ far of as ever
Hence the great wheat campaign,
planned so carefully, proved 20 be a
Waterloo for the bonanIa men.
COLLAPSE oP rnE DEAL.
They had good nerve aud held up
their end against the whoat of the
world for a full month after any
wheat broker would have told them
that the struggle was hopeless. They
even ran the price up in this local
market TO 81 q GENITAL higher than
the same wheat was quoted at in
Liverpool. Finally not even their
great wealth could stand the strain,
aud they we're forced 10 rcpudate
the contracts Of their brokers. The
iailurc 81 Drcsbach 4 Resented Tell
ike bomb in Pine street, and the
Wheat kxchabge here has been Dc
moraliEed ever since. No one could
tell how much had been lost. but The
outside estimates we're ~ 60, 900.
Now that the schedules Of the two
brokers have been filed Il IL shown
that Drcsbachs liabilities are
a, ii3 Oh O., while he has assets ol
only 81 HS, Az Rosonields case is
not quite 40 bad. his liabilities being
tt427 0li. covered by assets of
q, GOO. Thee schedules show
that Of hfy seven vessels laden with
wheat. now on their way 10 Liver.
pool, not ouc cargo will bring a. much
as the bank paid for Il, while the
depreciation on most Of the cargocs
will Ia a. heavy as 70 nor oaut ma